DeFi protocol Oxygen held 95% of supply on FTX DeFi protocol Oxygen held 95% of supply on FTX
DeFi protocol Oxygen said it is shocked by the events at FTX and claimed to only have access to publicly available information about the bankrupt exchange.
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Updated: Nov. 16, 2022 at 9:48 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana-based decentralized prime brokerage platform Oxygen Protocol revealed on Nov. 15 that 95% of its MAPS and OXY tokens supply were held on bankrupt crypto exchange FTX.
1/ The MAPS and Oxygen teams are shocked by events relating to FTX Group’s bankruptcy proceedings.
— Oxygen – Decentralized Prime Brokerage (@Oxygen_protocol) November 15, 2022
The statement said the struggling crypto firm did not have any equity in its business, but it held a significant portion of its tokens.
“(FTX) acted as the custodian for over 95% of the overall supply of our ecosystem tokens — both locked and unlocked.”
The MAPS and Oxygen team expressed shock about the FTX bankruptcy incidents, adding that they only have access to publicly available information.
Oxygen Protocol said it was considering all options to protect its ecosystem. The DeFi protocol said it has employed legal advisors to assist in the process.
Meanwhile, the crypto community appears to be unsurprised by the latest revelations. Several comments suggested that Sam Bankman-Fried controlled the protocol and that he was tweeting the announcements.
This is your first Tweet since April 2022 stfu
— ZachXBT (@zachxbt) November 15, 2022
ZachXBT pointed out that this was the protocol’s first tweet since April 2022.
Maps and Oxygen protocol were projects backed by Alameda Research. In January 2021, Alameda Research led a $50 million investment round in Maps.me. It also led a $40 million investment round in Oxygen in February 2021.
Reports revealed that MAPS and OXY accounted for a significant portion of Alameda’s balance sheet.
According to CryptoSlate data, OXY has shed 46% of its value over the last seven days, trading for $0.0202 as of press time. MAPS is also down roughly 47% and valued at $0.062 as of press time.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Oxygen is a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure.
MAPS
$0.01709
Maps.me 2.0 has both online and offline maps while offering DeFi functionalities to its users.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.